Reuters quoted two sources in the Organization of Petroleum Exporting Countries (OPEC) on Saturday as saying that the emergency virtual meeting of the organization and its allies (OPEC +) will not be held next Monday and will probably be postponed to April 8 or 9, to allow more time to negotiate between producers. Oil is about reducing the supply of crude.
Oil futures jumped, on Friday, for the second consecutive session, and US crude and Brent crude contracts recorded the two largest gains in terms of percentage terms since the start of trading in record crude contracts, thanks to hopes that a global agreement to reduce supplies around the world may be reached at a future meeting.
In Thursday’s session, oil recorded the biggest one-day jump in the history of crude markets, due to the potential for supply cuts equaling between 10% to 15% of global demand.
This sharp recovery came from weeks of losses after US President Donald Trump said that Russia and Saudi Arabia will negotiate, stressing that the United States has not agreed to cut production.
Friday’s price rally continued, with Brent crude futures jumping $ 4.17, or 13.9%, to settle at the settlement of $ 34.11 a barrel.
And Brent contracts jumped as much as 47%, Thursday, recording the highest percentage gains in trading in one day, before closing up 21%.
Brent contracts end the week up 36.8%, its largest weekly gain in percentage terms in the history of world record crude contracts.
US benchmark West Texas Intermediate crude futures ended the trading session higher, $ 3.02, or 11.93%, to settle at the settlement of $ 28.34 a barrel.
US crude contracts end the week on gains of 31.8%, which is also its largest weekly gain ever.
OPEC is scheduled to hold an emergency meeting, where there are talk about cuts equivalent to 10% of global supplies, or about 10 million barrels per day, according to “Reuters”.
Fatih Birol, CEO of the International Energy Agency, said that even if the OPEC + group cuts supplies by 10 million barrels per day, global oil stocks will increase by 15 million barrels per day in the second quarter of the year.